The Court also based its rationale on the fact that the power plant was developed as a result of favorable government incentives. Therefore, the Court held that it was appropriate for the assessor to consider the effect of the power contract on the plant's actual income stream.
This case marks a considerable departure from the general rule excluding intangible rights and assets, such as above-market contracts, from assessment and may open the door to further inclusions.
David Colker
Gray Cary Ware & Freidenrich LLP
Dcolker@graycary.com
American Property Tax Counsel (APTC)
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